Social Security’s COLA to be announced Oct. 12

The Social Security Administration’s biggest day of the year is coming Oct. 12 when the annual cost-of-living adjustment will be announced.

The average COLA over the last 20 years has been about 2.6%. And keep in mind that the COLA is a benefit adjustment that reflects inflation — it’s not a raise. It just catches beneficiaries up with current inflationary pressures. Based on the 3.2% estimate, the COLA increase would mean an additional $57.30 per month for a retiree receiving the average monthly benefit of $1,790, according to the Senior Citizens League.

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